Regretfully, we are bankrupt

July 01, 2015

Charilaos Trikoupis was a multi-term Prime Minister of Greece
in the late 1800’s. Following a default on debt from Britain, France and
Germany (among other finance houses in London) Trikoupis took the stand
and announced to his peers “Regretfully, we are bankrupt”1.

Greece just passed the IMF deadline for repayment, effectively defaulting
on their soverign debt. It’s still to be determined how long Greek banks
will be open without additional support, so it comes into question whether
Alex Tsipras will have to stand up and own a term used long ago by
his peer. We hope not.